Coinbase Crypto Debit Card Adds Support for XRP, XLM, BAT, REP, and ZRX
Coinbase has announced support for XRP, XLM, BAT, REP, and ZRX for their crypto enabled debit card, while also adding regional support in 10 countries including Denmark and Sweden. Focusing on retail adoption has been at the top of Coinbase’s agenda, and their moves to enable crypto payments across the world have not gone unnoticed, November 14, 2019.
Expanding the Token Economy
Coinbase has openly supported the narrative of a token economy, evidenced by their listings and building utility around various tokens. This has earned them vilification from Bitcoin maximalists, but the company continues to push on their own beliefs.
Of the 5 new tokens added, 3 are ERC-20 tokens, and 2 (BAT and ZRX) have been performing well in the second half of 2019.
The lack of merchant crypto adoption is still seen as a widespread problem. Rather than accepting crypto directly, payment processors like Coinbase and BitPay provide the crucial service of converting crypto to fiat before sending it to the merchant. Effectively, merchants still don’t technically accept crypto, but it provides a way for customers to actually spend their crypto. It can be argued that this end result is all that matters, but it the lack of true adoption from businesses represents a fundamental problem with the perception of crypto.
Nevertheless, this is definitely a net positive for the crypto space as Coinbase’s tie-up with Visa means it is accepted at millions of retail outlets across the world.
Coinbase and Binance go Head to Head
Competition is beefing up between Binance and Coinbase as they look to beat the other to new services. Binance is now focusing on lending and staking services while Coinbase is focusing on savings and purchases with crypto.
One interesting aspect is that they both refuse to enter a segment where the other has flourished. For example, Coinbase Custody has picked up traction and is doing well, and Binance doesn’t seem to have any plans to enter this segment. On the flipside, Binance futures have been wildly popular thus far, and Coinbase doesn’t seem to be too interested in entering this niche.
One common theme amongst both of these companies is their desire to expand their operations into several countries across the globe.